BP, Rosneft reach agreement on Arctic exploration

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Oil giant BP and state-run Russian firm Rosneft have reached an "important" agreement on joint exploration of oil and gas deposits in the Arctic, Russian Prime Minister Vladimir Putin said Friday.

"I know that your company and Rosneft have reached an important agreement on joint exploration as part of projects on the continental shelf in Russia and in other countries," he was quoted as saying by news agencies during a meeting in Moscow with BP chief executive Robert Dudley.

"The Russian government is going to support your joint work... and create the most favourable financial and administrative climate in order that this project is achieved," he said, according to the Interfax news agency.

© 2011 AFP

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